Bridgin' the gapBEL 20 looks like it's gonna fil the gap and if it can keep the 200 MA a new ATH is in the making. Let's go!
(RSI is bullish above 50%)
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BEL20 trade ideas
BEL20 - finishing minor 2 up, next move is downwardsBel20 continues on its way down to new lows. In the shorter term view, it is ending minor wave 2 soon. After this, the next move should be minor 3, where the most probable target is is below 3,000. If prices crosses up 3,570, this analysis should be reviewed. FOLLOW SKYLINEPRO TO GET UPDATES.
BEL20 - reaching the end of counter trend rallyBEL20 is reaching the most probable target for wave 2 counter trend rally at 0.618 of retracement of wave 1. The wave count for wave C that will complete primary wave 2 is almost complete. The possible target is at 3,518 before the trend turns down in direction to new lows , but it does not need to arrive at this level to do so. For more confirmation, a move below 3199 would mean the odds are that the downturn is already occurring. FOLLOW SKYLINEPRO TO GET UPDATES.
Short BEL 20 indexAs seen there is a historical low resistance level @3123.7, and a fibonacci ratio of 0.382 @3091.265
I've tried to draw the small bullish trendline which will be colliding with these very soon.
This might indicate an end of this short term increase and a fallback to the bearish trend known as the CoVid19 crash or atleast a long term battle trying to break through this heavy resistance level.
BEL20: Lower long term buy opportunity on the Belgian market.The Belgian stock market is on an aggressive sell of since late April (1D RSI = 31.496, MACD = -58.680, Highs/Lows = -51.2357) after it failed to break the 3,870 - 3,910 1W Resistance Zone. The symmetry on a peculiar 1M Head and Shoulders pattern is uncanny so we will be using the 3,200 - 3,330 supply zone (red rectangle) as a continuous buy entry until the 1W Resistance Zone breaks. Our TP is initially 3,800. Keep an eye also for a potential Golden Cross as confirmation.
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